The luxury fashion group has reported its first quarter results for the 2022 financial year, achieving €4.96 billion in revenue, up 27.4% on a reported basis.

Gucci brought in revenue of €2.59 billion during the period, up 19.5% year-on-year, while Yves Saint Laurent achieved revenue of €739 million, an increase of 43%. Bottega Veneta reported an increase of 20.8% to €396 million, and revenue from other houses came in at €973 million, growing by 35.5%.

Revenue for the quarter from directly operated stores was up 23% on a comparable basis, and grew by 32% over the same period in pre-pandemic 2019. Online sales continued growth during the first quarter, accounting for 15% of the total direct sales for the group.

At the beginning of the year, Kering announced an agreement to sell its entire stake in Sowind Group SA, which owns Swiss watch manufacturers Girard-Perregaux and Ulysse Nardin, to its current management.

François-Henri Pinault, Chairman and CEO of Kering, said: “We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening Covid restrictions in China since March. All our houses posted double-digit revenue growth in the quarter, with spectacular performances at Saint Laurent, our Other Houses, particularly Balenciaga, and Kering Eyewear.

“Bottega Veneta also delivered sharp higher sales on a more demanding base. Gucci’s strong showing in North America and Europe was overshadowed by its exposure to China, where we are boosting its organisation to fully capture the vitality of the market. While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability.”